In Victoria, a deceased estate refers to the assets, liabilities and legal matters left behind after a person dies. It includes all the property, possessions, financial accounts, investments and debts owned by the deceased individual.
Dealing with a deceased estate involves distributing and managing these assets according to the deceased person’s wishes as stated in their will, or according to intestacy laws if no valid will exists.
When a person dies, their estate becomes the responsibility of an executor or administrator, who is typically named in the will. The executor’s role is to handle the various tasks related to the deceased estate.
If the deceased did not leave a will, the court appoints an administrator to handle the administration of the deceased person’s estate. The administrator is typically a close relative or next of kin of the deceased person. The order of priority for the appointment of an administrator in Victoria is outlined in the Administration and Probate Act 1958.
Administering a deceased estate typically involves the following process:
Dealing with a deceased estate can be a complex and time-consuming process. It often requires the assistance of an experienced estate lawyer to ensure that all legal requirements are met and the deceased person’s wishes are fulfilled.
When administering a deceased estate, the following types of debts are typically paid using the assets of the estate:
If the debts of a deceased person cannot be fully discharged using the assets of the estate, one of the following outcomes typically result:
In Victoria, if a person dies without leaving a valid will, they are said to have died “intestate”. In these cases, the distribution of the deceased person’s estate is determined by the intestacy laws of Victoria.
The process usually goes as follows:
In Victoria, probate is generally required in the following circumstances:
If you are in charge of administering a deceased estate, or you need assistance regarding a deceased estate, our estate lawyers are able to help you with all matters relating to deceased estates including:
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